CHAPTER 1 Accounting—Present and Past CHAPTER OUTLINE: I. What Is Accounting? A. Definition B. Uses of Accounting Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Accounting 4. Internal Auditing 5. Governmental and Not-for-Profit Accounting 6. Income Tax Accounting II. How Has Accounting Developed? A. Early History B. The Accounting Profession in the United States C. Financial Accounting Standard Setting at the Present Time 1. Financial Accounting Standards Board 2. Standards are Evolving D. Standards for Other Types of Accounting 1. Managerial Accounting / Cost Accounting 2. Auditing 3. Governmental and Not-for-Profit Accounting 4. Income Tax Accounting E. International Accounting Standards F. Ethics and the Accounting Profession III. The Conceptual Framework. A. Context B. Summary of Concepts Statement No. 8, Chapter 1 — The Objective of General Purpose Financial Reporting C. Objectives of Financial Reporting for Nonbusiness Organizations IV. Plan of the Book. A. Resources for Students